Stock Buyback Program Declared by Corteva (NYSE:CTVA) Board of Directors

Corteva (NYSE:CTVA) declared that its board has initiated a share buyback program on Tuesday, November 19th, RTT News reports. The company plans to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Corteva Price Performance

Shares of NYSE:CTVA opened at $58.77 on Thursday. The firm has a 50-day simple moving average of $58.49 and a 200 day simple moving average of $55.72. Corteva has a fifty-two week low of $43.89 and a fifty-two week high of $63.75. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company has a market cap of $40.39 billion, a PE ratio of 59.36, a P/E/G ratio of 1.77 and a beta of 0.77.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is presently 68.69%.

Analysts Set New Price Targets

Several research analysts recently issued reports on CTVA shares. Oppenheimer reissued an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp dropped their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Royal Bank of Canada lowered their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Finally, Barclays raised their price target on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.89.

Corteva Company Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.